PEN - Evaluation of Strategic Alternatives for West Africa

7/17/2012 2:40 AM EST

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas
company with assets in West Africa and Brazil is pleased to announce
that it has retained FirstEnergy Capital LLP ("FirstEnergy") to initiate
a process to explore and evaluate potential strategic alternatives for
its West African business unit with a view to enhancing shareholder
value.
FirstEnergy, as financial advisor to the Board, will assist in the
process of analyzing and evaluating prospects and options to the Company
which may include a sale, merger, listing, financing or other
alternatives. The Company has not set a timetable for the completion of
the review process and it does not intend to comment further regarding
the review process unless a specific transaction is approved.

For further information, please contact:
Panoro Energy ASA

Nishant Dighe
President Africa
Tel: +44 203 405 1062
Email:
  (https://mail.panoroenergy.com/owa/redir.a
spx?C=05a267490ba24953928a6205b7f3b9b8&URL=mailto%3aNishant.Dighe%40panor
oenergy.com)

Carl Peter Berg
VP Commercial and Investor Relations
Tel: +55 21 3078 7472
Cell: + 55 21 8541 1907
Email:
  (https://mail.panoroenergy.com/owa/redir
.aspx?C=05a267490ba24953928a6205b7f3b9b8&URL=mailto%3acarl.peter.berg%40p
anoroenergy.com)

Please visit
www.panoroenergy.com (https://mail.panoroenergy.com/owa/redir.aspx?C=05a2
67490ba24953928a6205b7f3b9b8&URL=http%3a%2f%2fwww.panoroenergy.com) for
more informat